The U.S. Department of Transportation, as reported by the National Business Aviation Association, has recently corrected the SIFL rates that were initially issued on Aug. 25, 2011 for the six-month period from July 1, 2011 to Dec. 31, 2011.

This information is necessary when applying the IRS’ aircraft valuation formula to compute the value of non-business transportation aboard employer-provided aircraft. This is required under IRS Section 1.61-21(g). For additional information, see the National Business Aviation Association website at www.nbaa.org. The corrected rates are:

Mileage Range            Amount Per Mile                     

0-500 miles                 $ 0.2395

501-1,500 miles         $ 0.1826

over 1,500 miles        $ 0.1756 

Terminal Charge       $ 43.79